The Real Deal: What are you paying more for and what are you saving on this summer?
When it comes to spending in the summer, what are you paying more for, and what are you saving on this season? Caleb Silver from Investopedia says there's good news and bad news when it comes to how much we're spending on consumer goods and services.
"We've seen a shift in inflation in just a few months. Where we used to be spending more on services like transportation and hotels, we are spending more on staples," says Silver.
Housekeeping supplies are up 8.5%, hardware supplies up 7.4%. and alcoholic beverages up more than 4%.
The good news? Some things are costing less.
Gas prices have fallen dramatically, down almost 20% compared to last year, and airline fares are down about 13.4%. Over the past year, prices have also fallen for car and truck rentals, citrus fruits, fresh whole milk, and used cars and trucks.
According to Investopedia, inflation slowed in May to the lowest rate in two years.
"Believe it or not, inflation in NYC metro area is at a 3.5% annual rate, slightly lower than the U.S. average," says Silver